I have been following these posts for a while. The problem is that we (in the UK) would like to invest in Pakistan property but there are too many horror stories.
What's the safest option - why not use lawyers (as we do in the UK) for the entire process?
Lawyer is the concluding element in the chain of remedies if you want to be free from any Headache and trouble after purchase. The people who have seen others loosing their money must seek a lawyer’s involvement or leastwise get extra active so that they would not be challenged in future. Agreed with you.
Dear Azerm,
Thanks for asking beautiful question. Lawyer is not necessary for buying or selling, but its good for safety. If you have a treatable estate agent then its quite best because in this case we save our money.
Thanks.
I floated that idea long time ago here. Others follow it or not but now I manage all my property matters with advice of lawyer.
I mean anyone can be an agent etc and KK's post is a very good one. A lawyer should be able to Guarantee a trade and risk their career on it hence the security in exchange for a fee. I will be definitely doing this in the future.
On this note is their a directory or list of Top Lawyers in Islamabad.
Thank you.
@ KK and Mian,
Very informative contributions by your side. And Mian you are right - lawyer is not necessary but can provide you safety. Let me share my recent experience here with you; a few months back, I met one of my colleagues to source me a reliable estate agent who could help me in verifying ownership of a land. After reaching the agent's office, we were taken aback by the environment. The agent's friend was demanding for 1.5 million!
In short, on our second visit, we were informed that the agent had settled deal of a disputed property between his friend and the seller. After all, his friend had to loose the money and the agent is now paying in installments from his own pocket.
Definitely the ratio of such incidents is very low but still it may cease someone who has nothing except that hard earned money. This is the point where a lawyer protects you. He approaches the court and makes advertisements of deal before it takes place etc,. to secure the client to the maximum.
Quite agreed with Azerm, and this is another core reason. I see 3 estate agents in each street in messed areas whereas the need can be fulfilled with much lesser number. Many of them are hardly from middle schools. Such so called property dealers are striking the repute of professionals also. I’d also like to say that professional estate agents or consultants should always be kept separate when talking about non-professionals.
Tanveer you cleared it yourself. Those middle school runaway’s have no understanding of law if any problem arises and god help those who’s property matters go in court (personal experience). That’s why i called it insurance premium. Also when my lawyer draws paper he put some clause in difficult legal language which ultimately favors me in any dispute and hard to grasp by those school runaways. Called it safety clauses. Better be safe than sorry.
Mr. KK ask the agents again. It;s a duty of agent to solve the problems.